KNSA - Earnings call 4 2023 | Kiniksa Pharmaceuticals, Ltd.

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Operator

Good day, and thank you for standing by. Welcome to the Kiniksa Pharmaceuticals Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Rachel Frank, Head of Investor Relations. Please go ahead.

Rachel Frank

Thank you, operator. Good morning, everyone, and thank you for Kiniksa's call to discuss our fourth quarter and full year 2023 financial results and recent portfolio execution. these Investors be section. highlighting website on release the under press results found can our A

Ross financial Commercial As recent program our Officer, Chief on Chief will to and introduction. Medical Sanj the our Phase K. our Financial for Officer, agenda, John And our return review will quarter line. review XXXX Q&A Patel, II kick session, and start our Ragosa, ARCALYST will full for commercial Officer, Tessari, fourth with for year will data. Paolini, Officer, which on an will Mark will and Operating also results. the provide remarks Officer, the Chief Sanj execution. finally, Eben Executive Moat, update Then Chief our the closing Chief be abiprubart our off the

Before well only as date that, of Risk under update to this our contained except no will required forward-looking please factors such review and results found I of making this statements. from as we statements it to slide undertake and can obligation on as presentation, we the will that Sanj. these turn statements These statements, the SEC today filings. to may law. With getting be to risks note and in risk subject actual as such statements cause materially uncertainties are started, caption be that differ of speak that Factors by A over

Sanj Patel

the by us We're continues and patient The well execution net strong increased ahead. full product underscored encouraged commercialization settings both payer putting to of to clinical and date, in very prescriber the XXXX Rachel, commercial Thanks, morning, today. Consistent put continued business ARCALYST meaningful see advance with review year. past us high adoption satisfaction at our position as growth XXXX quarter which duration, million, commercial everyone. good is in a the as has in $XXX.X further growing throughout to year and million for fourth year I'll financial results our execution with $XX.X and approvals. QX revenue and

remain more long-term we highly ARCALYST. sustained forward, Moving on and reaching patients growth driving focused with even

Looking the $XXX would XX% represent the $XXX midpoint. which of have between year-over-year year guided to ahead, to to million, growth sales roughly million ARCALYST at we

we In future in arthritis cohorts will Based provided terms trial. we the of our recently provide dosing trial from cohort on design. data intended monthly April. insights first pipeline, are this from from X, data II Data Phase inform cohort and are the the This April. additional asset now to guidance. And our the runway expected commercial data rheumatoid And Phase execution. have cohort, X abiprubart a to I'll of dosing to the next already also over expect cash be is Ross to step announced a evaluated IIb Ross? indication, included current to in we trial that, turn new our date, in advance it will with which into in review

Ross Moat

or for a pericarditis U.S. the to for revenue XXXX, year-on-year had recurrent by growth and more which across ARCALYST than written prescribed $XXX.X growth more happy versus with approximately full At launch, QX nearly was you, performance, XXXX, of quarter This priorities resulted for growth. fourth since prescribers quarter, representing having XX% ARCALYST on strategy revenue commercial a This ARCALYST to prescription share as fourth of million in increase to as the XX% X,XXX XX% unique long-term our end of details the recurrent I'm $XX.X million, further awareness of the ARCALYST year full driven Sanj. year and the our growth Thank of patients. is In in X grew pericarditis. for those well our key the XXXX. net XXXX

completed all approval payer robust XX% that even for compliance remains And with seeing. cases. the observe to continued therapy durations than we've we're longer of than of patient Additionally, XX%, greater rates greater

of double-digit the with X education thoughtful the history ARCALYST a real-world with new be continue the writing total and profit for increasing to infrastructure, of practice continue through investments is prescribers XXX patients base, prescription between of we're recurrent with on launch, XXXX, to commercial average with data of increased anywhere familiarity recurrences first-time or prioritizing disease ever-growing to our activate XX years. Across our continued of end better we we've where in duration more ARCALYST collaboration had therapy Since suffer to approximately align quarter. increasing each and the XXX median to show the the the and the prescriber year-on-year. with from prescriber X As months, continued and data-driven natural pericarditis revenue focus focused business, to an and growth an with

X we've more this Then written for who side prescribers or have who time X, As know, over time, with the a are extended slide, flaring seen we can steady initial until patients. for steady Encouragingly, as next managing since their centers disease means the is disease, growth prescribers passes as you we of X high-volume specialty patients. a right-hand can recurrent increase further a number of written go an rare pericarditis identifying disease more have the the also in prescription in time or patients and see see few patients. identified, most period on which

grow their physicians be this, targeting we when that of believe a on to positive throughout and as continues on depth the total while course focused multiple have focus a base the dual we're disease. the strategy To ARCALYST as prescribing. recurrent initiating are, experience the increasing where and patients of of ensuring Our the both prescriber very do patients continuing well to

launch penetration of as new opportunity who from actively top-tier as end around from many of demonstrating making growth Additionally, and as announced years patients health end the support look of of in of XXXX, the we've growing progress as in the end We on multiple the ARCALYST versus annual population ahead, address with therapy. as believe this the with approximately care represents X% the of recurrent majority tail the we greater strategy into professionals population we were care within we is came of frequency XX,XXX to the the the the with contribution from This patients as well interact the patient ARCALYST. To our greater physicians previously This have XX% significant accelerate can underscores of professionals reach approximately XX% well opportunity suffering of target that of we group than since much year drive of that the physicians. all total, that the our steadily an X% up XXXX. made at XX,XXX after to growth prescriptions disease. of prescribers, announced long increasingly ahead meaningful repeat QX, health the

We're commercial and million. and launch years approval year quarter execution this million $XXX revenue growth revenue ARCALYST the collaboration we nearly continued X and been announced an of between since post that Earlier our execution robust, $XXX net driving every expect of our recurrent net provide XXXX of year, for we has pericarditis, treatment single full to profitability. increasing generate

to that, John discuss hand With John? over I'll abiprubart. to

John Paolini

Ross. Thanks,

endpoint We in year, and response, proof-of-concept change arthritis rheumatoid efficacy, reminder, the DASXX-CRP of statistical chronic abiprubart dosing trial and a and enabled a was of portion from abiprubart multiple statistical not a dose pharmacokinetics of X trial in placebo subcutaneous well earlier duration was In the II higher-than-expected tolerated designed abiprubart and in Phase As dose evaluate placebo, showed X per the baseline the effect group The over although were from those this X-milligram to cohorts well in XX observed. also weekly safety biweekly cohorts group. dose in the PK the significance, doses of study. is announced per primary of tolerated Cohort the its kilo versus first efficacy each trial cohort. with kilo clinical the significance proof-of-concept Abiprubart lead-in, weeks. X-milligram data this the of X, rate meaningful did achieve achieved of cohorts. X of

are As in in a observed production, cohort that both dose package continued strong greater levels. and than cohorts, we highly analyzing factor data molecule the and is evidenced abiprubart active reduction we confident autoantibody has reduce to X potential first by from well-tolerated the rheumatoid as the XX% have X

are per dose occupancy and projected to per kilo groups, is magnitude suppression order cohort, using X-milligram concentrations the dosing II Phase with the advances which be We potentially complete is dose achieve dosing receptor XXX-milligram more dosing necessary to milligram clinically intermediate in study above continuing active fourth dosing and plasma a did but at relevant a achieve and which every level. the to regimen The clinically what of fixed kilo TDAR biweekly interval. X-week from X-milligram to biweekly weight-based that between

baseline X efficacy week safety X, change Cohort with in maintains at endpoint. placebo-controlled from efficacy XX the the primary as endpoints DASXX-CRP and cohort from

for a that added forward the II finalize will we Phase As Sanj X development abiprubart. dosing plan data with totality our are mentioned, preparations we further we the PK/PD and cohort to relationships, new of as set in to And from the informing data future indication regimens continue development. take

X We will have more April data. in that with the conjunction in to cohort say on

Mark will over With it financials. cover to I to turn our that, Mark?

Mark Ragosa

Thanks, John.

walk XXXX next year our fourth performance. through the I'll quarter few full Over minutes, financial and

to in like find and press attention You your information detailed items. can release, I'd today's call financial our to few a

of revenue quarter million, fourth a primarily vixarelimab. was total nearly the $XX.X for year-over-year, $XX.X collaboration of recognition XX% million, First, million the under including agreement indication by and representing $XX.X the second Genentech development milestone revenue a for net product new license revenue growth ARCALYST million driven of for $XX

license from for approximately $XX.X ARCALYST of growth, the product million revenue full million, net Genentech was million $XXX.X collaboration representing year-over-year of and the revenue revenue $XXX.X Total year XXXX XX% agreement. including

in balance over of quarter million have Regarding agreement, cash license realize revenue received $XXX fourth we the next development will and quarters. $XXX X in To first $XX cash the the balance. as we recognized Genentech the recognized earned the million the be to remaining revenue the and from collaboration our quarter, in expect as million small captured under date, was over collaboration Genentech January milestone XXXX

collaboration full million. operating in growth million, quarter, Second, operating expenses XXXX profit over leading collaboration year million. $XX.X ARCALYST collaboration XXX% to fourth for $XXX $XX.X expenses to million and the of of year-over-year profit collaboration was representing leading ARCALYST the year-over-year and XXX% over representing growth was $XX.X

of investment of collaboration both Phase as fourth Third, ARCALYST of year arthritis commercialization sold and expenses, abiprubart the quarter the driven as expense growth higher ARCALYST cost by year-over-year for rheumatoid trial are largely XXXX. operating II to revenue both in full growth the goods and related well advancement which and drove

was collaboration revenue both our income by as respectively, noncash full quarter the treatment tax Fourth, aided and $XX.X net as year for million of XXXX fourth assets. $XX.X well million, deferred and the

the Genentech This contributed $XX agreement of from million cash Lastly, million. approximately balance cash we in license in the received cash flow ending $XX year million for of to net XXXX. an and $XXX.X

these strong the We operating continue that, at Sanj current as remarks. to expect I'll execution to back our reserves commercial ARCALYST fund least well to closing turn plan for XXXX. With as into call

Sanj Patel

Thanks, Mark.

expect be the you've year execution to we another in has in and As success put XXXX advancing Kiniksa, us to our the commercial this exciting continued XXXX portfolio heard year path ahead. morning, for and our on

Mark for expect to patients value. position of questions. hand do Importantly, fund determined any and And indication current are continue including the meaningfully to commercial building cash operations, for positioned our all to to for abiprubart position today, back your provide as our to to runway our strategically operator provides to new the at to we're strong said, it you time that. We drive we we ability growth our medicines we And robust contribute least thank life-changing across into and Ultimately, and a financial I'll performance to believe business. want XXXX. sustainable for our

Operator

with [Operator from JPM. of question come line Instructions] the Rama Our Anupam first

Anupam Rama

drive lot about of What that more the this This growth? transitioning year at keys is repeat a this prescribers we're comments. opening repeat launch? to prescribers entering the new point a in of like is the to Anupam. third prescribers of to slowly We Or are given talked getting kind

Ross Moat

got much see for and the of prescribers the a in growth good ahead Anupam, end lot Ross. as repeat prescribers And XXXX. Thanks this question. of new of headroom is to and as we've we continue of well. then very Yes, us both

had XX% ended -- of about around repeat prescribers. little look X,XXX over back we prescribers. prescribers, At more bit, or a with were the and we XXXX to XXX XXX of than those end XXXX, Just

So year-on-year, XX% repeat obviously, more those as of than and prescribers. doubling throughout the

a prescribers, So again, your outlined long seen prepared as still way we've new in the prescriber growth good we in the we've remarks, to steady got for think base. But question repeat to go.

and with around expansion now of through XX doctors. our covering entered We're year representatives. the we field XX,XXX to With force, this around

previously increase we So slightly talking were what from that's a to our smaller significant team. field with

targeted total even So from of are year. we've within just end doctors, can prescribers And target X,XXX more you last the well. all from of as not XX,XXX certainly, got see that the than of X,XXX pool as those

from for up X% the think that, you of us, guess, which I for really in a the target opportunity huge also, out there penetration opportunity there's I ARCALYST we patients that So backed still shows on into that that amount the around have as well. is

about we've the both repeat on new opportunity the prescribers, ahead So Anupam. got pretty excited and

Operator

Paul Goldman to the line And our Choi from going next of question come is with Sachs.

Kyuwon Choi

awareness, like medical just increasing for Ross the thoughts abiprubart. first meeting, mentioned the of is then conference recently efforts My of things kind expansion. business. you're to just on sales follow-up you're force maybe strong for just had I the question expanded that? and on about thinking know investment here rate force. business additional some sales thinking And the I brand beyond how on recent about to Congrats obviously, investment But a DTC commercial promotional And how education and/or increase the some on finish question the XXXX.

Ross Moat

Thanks, Paul. This is Ross as well.

So part take the least. that of maybe I'll at first

be important those from done types all the very U.S. to launch. education, the to we all widely see there And peer-to-peer you that's marketing, field speaker as to continue be now, of way think team larger continue digital across those from with as out a all programs, I have things they So supports, that the Even are mentioned we bureau, quite because important. congress initiatives, patients know dispersed speaker you that right through share. numbers us

So those us remains important opportunities that. to for do remain, and it

increased the can good have and we the of that, physicians cover. and number we pretty feel team But field that about

team So the very been in and initiatives marketing increase, we've continue types I other thoughtful, field think we have always very the we along build digital of data-driven and as to that other done.

Kyuwon Choi

a for just X? Can you've in affect looking the terms then how cohort might there Just follow-up, picked abiprubart. anything to data Great. which the And for else that in insight you from indication, from specified. IIb cohort dosing yet maybe new developmental Since comment of frequency? for Okay. has strategy Phase X on be your beyond strategy you're a

Sanj Patel

you has can X start we Maybe indication. X, jump Thanks, in encouraged signal mean I really that I'll program we by Paul. the us additional This go is Sanj. said, and in. very were and had I then with move as think of sort largely forward John an given a data from X, to cohorts which

given we go. the the has us data already So have

could But as I little earlier, of said think cohort you dosing on X I with will trial. the us, the design maybe, John, elaborate help a that. bit

whether we a of more opposed really not. to as it's design So go sort of implementation or

John Paolini

Thank you. Right. to to nice Sanj. you, Paul, talk And

sit biweekly designed to the designed, X is So and active clinically kilo generate the biweekly. in per X-milligram it's doses, plasma X kilo the that per cohort between way X-milligram concentrations that

moves which if suppression. you So at that sense, activity it what required is magnitude TDAR order of full bar, roughly in see will, occupancy an down to if there's that above still the is still for receptor and concentration,

full can we so development regimens modeling round of choose can from. that we range us PK/PD will out And gives the to carry so that then that choose subsequent into in dosing it sense, options forward a

Operator

Patel, [Operator I'd at Officer, for back to I'm any to time. the Chief further like Executive showing over no Instructions] And questions this remarks. hand further conference Sanj And

Sanj Patel

operator. Thanks,

ahead today. the of join to very forward all call have the looking for clearly and exciting questions, future. us, updates much and thanks the we're an to providing just We in obviously time the additional year So

you. thank that, with So

Operator

This concludes today's for conference call. Thank you participating.

You disconnect. may now

Kiniksa Pharmaceuticals (KNSA) 28 Feb 242023 Q4 Earnings call transcript